- It feels like the spring market has started early, from a lending perspective. Preapprovals and ratified contracts increased by almost a third this week, so virtually overnight!
- I think February will be an ideal time to lock into what could potentially end up as the cheapest rates of the year. As tensions continue to escalate with Iran, further threatening our global stability in the Middle East, the market reacts to the pressure. Additionally, the Fed raised the prime rate by .25 point and didn't sound like it planned to ease up with rate hikes as much as we had hoped, contributing strongly to the instability of the market, and a week end increase of 1/2 point overall to interest rates across the board.
- In order to stay ahead of competitive/multiple situations, I would urge buyers to buy/lock in now.
Connie Echeverria
Loan Officer
Prosperity Mortgage Company
202.364.1300 x6061 Office
202.285.3937 Mobile
connie.echeverria@wellsfargo.com
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